"We'll certainly use the DNA in analyses like that, we'll need other resources to be able to do that, but it will be one of our aims to have a look at the genetics underlying elite performance," she said.

"We'll start by looking at some traits that we already know have genetic influence like the currently marketed speed test that can determine whether a horse is more likely to be a sprinter or a stayer, so able to perform over longer distances."

Dr Hamilton says the job is being made more difficult by the poor condition of the sample.

"When they were preserving the skeleton, they did not do it in a way that would help protect the DNA," she said.

"They boiled it in a corrosive solution and that will have fragmented the DNA and that's why we've got the Australian Centre for Ancient DNA involved as well."

Dr Hamilton says that means it would not be possible to clone the winning race horse.

"There is no chance of Phar Lap two running around any time soon," she said.